April 20, 2024

Alopecia Treatment Market Trends: Insights and Projections

Alopecia Treatment Market

The alopecia treatment market has grown in recent years due to the rising awareness about hair loss disorders and availability of various treatment options. Alopecia refers to excessive hair loss caused by genetic predisposition, medical conditions, or environmental factors. The main treatment types available are drugs, lasers, hair transplant, and shampoos. Drugs such as Minoxidil and Finasteride are commonly prescribed to stimulate hair growth in androgenetic alopecia patients. Lasers and light therapies are also gaining popularity for stimulating hair follicles and reducing hair fall.

The Global Alopecia Treatment Market is estimated to be valued at US$ 10.2 Bn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the alopecia treatment market are Stemson Therapeutics, OliX Pharmaceuticals, Inc, Pfizer Inc, Aclaris Therapeutics, Inc., Fagron, Follicum AB, Cipla Inc., Arcutis Biotherapeutics, Dr. Reddy’s Laboratories Ltd., Himalaya Wellness Company, Stemson Therapeutics, Cosmo Pharmaceuticals N.V., Equillium, Inc., Eli Lilly and Company, Concert Pharmaceuticals Inc., and Teva Pharmaceutical Industries Ltd.

The growing awareness about treatment options and rise in disposable incomes have been driving the demand for alopecia treatments such as hair transplants, drugs, and lasers. More people are willing to spend on alopecia treatments due to social pressures related to hair loss and improved aesthetics.

The key players are expanding their operations globally through acquisitions and partnerships to tap new markets. For instance, Stemson Therapeutics acquired Boston-based hair loss company Follica to broaden its regenerative medicine capabilities. Moreover, research institutes and pharma companies are increasing their R&D investments to develop novel and effective therapies for chronic cases of alopecia.

Market key trends

Stem cell therapy is emerging as a promising trend in the alopecia treatment market. It involves injecting stem cells into balding areas to trigger new hair growth. Stemson Therapeutics is conducting clinical trials for its stem cell hair loss treatment called STWRN-501. If approved, it could transform the alopecia treatment landscape. Some other pioneering cell-based therapies in trials include Aclaris Therapeutics’ ATI-502 and Replicel’s technique involving extracting follicular cells. These innovative treatment approaches are expected to bring radical changes to manage hair loss disorders over the next decade.

Porter’s Analysis

Threat of new entrants: Low cost of production as few capital investments are required and knowledge is main requirement. However, established market players create barriers via branding and patents.

Bargaining power of buyers: Moderate as buyers have alternative treatment options available to choose from. However, limited knowledge creates dependence on healthcare providers.

Bargaining power of suppliers: Low due to availability of substitute raw materials and technologies. Suppliers have less influence on pricing.

Threat of new substitutes: High owing to availability of alternative treatment approaches like transplantation, topical steroids, medications. Continuous R&D intensifies competition.

Competitive rivalry: High among market leaders competing via innovative drugs, expanded geographic reach and collaborative tactics to gain market share.

Geographical Regions

North America holds the major share of alopecia treatment market in terms of value due to high awareness, supportive reimbursement policies, and availability of advanced treatment options.

Asia Pacific region is poised to witness the fastest growth during the forecast period owing to growing working population facing stress-related hair fall, rising healthcare spending, and increasing number of clinical trials for novel therapies.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it